Markets are still digesting the rate cut, and instead of a clean trend, we get a session where each story instantly feeds into positioning. Nothing breaks, nothing rallies, but traders treat every datapoint as a signal because liquidity is thin and direction is unclear.
TL;DR
- XRP fee revenue falls 89% to the weakest level in five years.
- NYSE unveils a Satoshi Nakamoto statue during XXI’s trading debut.
- Bitcoin posts a 4,100% liquidation imbalance, with long traders taking the hit.
XRP eyes brutal 89% drop in fees
According to Glassnode’s data, XRPL fee activity has experienced its biggest drop since 2020. The 90-day average has dropped from around 5,900 XRP per day in February to only 650 XRP as of today. This nearly straight-line unwind leaves the network at its quietest point since December 2020.
The timeline matches the chart in some way. XRP attempted to maintain the $3 threshold in August and September but failed to generate demand in October. It has since fallen into the $2.00-$2.05 range, exhibiting price action that appears sluggish rather than pressured. TradingView’s two-day candles show no real bid aggression — only mild attempts to stabilize.
The question for the market is simple: Is this a temporary drop in interaction, or a sign that XRPL activity has peaked? With a decline this deep, sentiment will not recover until fees stop falling.
Bitcoin creator Satoshi stuns major U.S. exchange
The NYSE installed a statue of Satoshi Nakamoto — something the market did not expect to see in the most traditional trading venue in the United States. The piece was created by Italian artist Valentina Picozzi, and Twenty One Capital arranged the installation as part of its first week on the exchange.
The timing is notable because XXI’s debut was rocky. Shares opened at $10.74, slid to $11.42 by the end of the session, and finished the day almost 20% below the SPAC’s previous close of $14.27. That is not the start the company wanted.
XXI controls around 42,000 BTC worth around $3.9 billion. This places it among the top three public Bitcoin holders. However, the firm did not present a roadmap, and CEO Jack Mallers is pushing the idea that XXI is not trying to copy Strategy.
Mallers said the company wants to build brokerage, trading, lending and other services around its Bitcoin stack, but he did not provide any product details.
At the same time, another corporate player, Strive Asset Management, announced a $500 million equity raise to accumulate more Bitcoin. Strive already manages 7,525 BTC, worth about $699 million, and ranks 14th among corporate holders.
Glassnode estimates that, since 2023, corporate and private Bitcoin reserves have risen 448%, from 197,000 BTC to 1.08 million BTC. Today’s headlines reflect this growth, even as XXI’s first trading session was less successful than expected.
Bitcoin prints 3,065% liquidation imbalance
The derivatives map by CoinGlass showed one of those outsized liquidation spreads of late, where the imbalance tells the whole story. In the 12-hour time frame, Bitcoin displayed $81.99 million in liquidations, with $79.40 million originating from long positions and only $2.59 million from short positions. This 3,065% ratio is a clear sign that long traders stepped in too early after the Fed announcement.
Bitcoin slipped from the $92,000 area into the low $90,000s, briefly encountering the same resistance that limited upside earlier in the week. Although nothing on the chart signals a breakdown, the leverage wipeout indicates that long positioning became overcrowded.
While it does not set the long-term trend, it forces every intraday trader to rethink risk and avoid assuming a rebound simply because the Fed cut rates.
Crypto market outlook
The market enters Thursday with caution and fear. Bitcoin trades around $89,500-$90,500 with no real conviction. XRP holds near $2 with a fee backdrop that does not inspire buyers either.
Bitcoin (BTC): Trading at $92,000 as the first upside trigger, $94,500-$95,000 as the extension zone, $88,000 as the immediate support level and $80,600 as the deeper level.
XRP: Got $2.12-$2.18 as the first resistance band, $2.28-$2.34 as the extension pocket, $1.98-$2.00 as the initial support, $1.92 as the break level and $1.82-$1.85 as the deeper support area.
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